The result is a fourth successive top-flight game without victory for Spurs and leaves them anxiously looking over their shoulders at Manchester United, Arsenal and Chelsea in the race for Champions League qualification.
Harry Kane put Tottenham ahead with his 200th career goal for club and country as Spurs dominated the first half, but Southampton turned it around after the break through quickfire goals from Yan Valery and James Ward-Prowse.
Yan Valery struck his second goal in two games in the 76th minute before James Ward-Prowse scored a stunning victor from a free-kick.
"It's about complacency, it's about arrogance in a bad way".
However, after they booked their place in the Champions League quarter-finals at the expense of Borussia Dortmund in midweek, former Liverpool FC striker Owen is tipping the Lilywhites to claim all three points on Saturday.
"I am so, so, so disappointed".
"When you are in control for the first 45 minutes. the game is 90 minutes, not only 45 minutes and in the second half we didn't play in the way we should play".
"The two matches we have scheduled will provide an exciting opportunity to see the new stadium, support our lads in the academy, watch our legends take to the pitch and familiarise yourself with your matchday route".
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"This type of game, maybe three months ago we'd have lost".
Later on in the first they were heard singing "Same old Tottenham, all need gassing", and "Get in the showers".
His goal was spectacular - only Matt Le Tissier has scored more direct free-kicks in the Premier League for the club - but Ward-Prowse was excellent overall, completing 89.3 per cent of his attempted passes.
On top of this, a threadbare squad must juggle the quarter-finals of the Champions League.
"There's been a lot of talk about being in the last step, winning some trophies".
"It is about competing better for the first goal if you want to be a contender for big things. We threw it away really".